Cencora (NYSE:COR) Sets New 1-Year High – What’s Next?

Cencora, Inc. (NYSE:COR)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $336.07 and last traded at $336.00, with a volume of 858957 shares. The stock had previously closed at $332.71.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on COR shares. Wells Fargo & Company boosted their price target on shares of Cencora from $337.00 to $354.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. UBS Group boosted their price target on shares of Cencora from $350.00 to $380.00 and gave the stock a “buy” rating in a report on Monday. Jefferies Financial Group upped their price objective on shares of Cencora from $275.00 to $300.00 and gave the company a “hold” rating in a report on Monday, June 30th. Morgan Stanley set a $330.00 price objective on shares of Cencora and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Finally, Evercore ISI set a $340.00 price objective on shares of Cencora in a report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $329.00.

Cencora Stock Performance

The company has a 50-day moving average price of $305.00 and a two-hundred day moving average price of $295.60. The stock has a market capitalization of $65.14 billion, a P/E ratio of 34.57, a PEG ratio of 1.55 and a beta of 0.63. The company has a quick ratio of 0.53, a current ratio of 0.90 and a debt-to-equity ratio of 3.64.

Cencora (NYSE:COR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $4.00 earnings per share for the quarter, beating the consensus estimate of $3.79 by $0.21. Cencora had a return on equity of 267.36% and a net margin of 0.60%.The firm had revenue of $80.66 billion for the quarter, compared to analysts’ expectations of $80.34 billion. During the same period in the prior year, the business posted $3.34 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. Equities analysts expect that Cencora, Inc. will post 15.37 earnings per share for the current year.

Cencora Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th were given a dividend of $0.55 per share. The ex-dividend date was Friday, August 15th. This represents a $2.20 annualized dividend and a dividend yield of 0.7%. Cencora’s dividend payout ratio is currently 22.63%.

Insider Activity

In other news, CEO Robert P. Mauch sold 5,097 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $326.80, for a total transaction of $1,665,699.60. Following the sale, the chief executive officer directly owned 37,940 shares in the company, valued at $12,398,792. This represents a 11.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Steven H. Collis sold 31,350 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $289.86, for a total value of $9,087,111.00. Following the sale, the chairman owned 305,913 shares in the company, valued at approximately $88,671,942.18. This represents a 9.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,544 shares of company stock worth $12,230,941. Company insiders own 10.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Quent Capital LLC bought a new position in shares of Cencora in the third quarter worth approximately $155,000. PKO Investment Management Joint Stock Co bought a new position in shares of Cencora in the third quarter worth approximately $625,000. Nordea Investment Management AB increased its position in shares of Cencora by 4.6% in the third quarter. Nordea Investment Management AB now owns 1,210,644 shares of the company’s stock worth $373,823,000 after purchasing an additional 52,693 shares during the last quarter. Kiker Wealth Management LLC increased its position in shares of Cencora by 3.2% in the third quarter. Kiker Wealth Management LLC now owns 4,857 shares of the company’s stock worth $1,518,000 after purchasing an additional 149 shares during the last quarter. Finally, First Horizon Corp bought a new position in shares of Cencora in the third quarter worth approximately $3,013,000. 97.52% of the stock is currently owned by institutional investors.

About Cencora

Cencora, Inc sources and distributes pharmaceutical products. The company's U.S. Healthcare Solutions segment distributes pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers; provides pharmacy management, staffing, and other consulting services; supply management software to retail and institutional healthcare providers; packaging solutions to various institutional and retail healthcare providers; clinical trial support, product post-approval, and commercialization support services; data analytics, outcomes research, and additional services for biotechnology and pharmaceutical manufacturers; pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and other products to the companion animal and production animal markets; and sales force services to manufacturers.